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Vietnam Insurance Report Q1 2016

  • ID: 3505806
  • December 2015
  • Region: Vietnam
  • 64 pages
  • Business Monitor International
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FEATURED COMPANIES

  • AIA Group
  • Bao Viet Holdings
  • Manulife Financial
  • Prudential plc
  • PVI Holdings
  • Sun Life Financial
  • MORE

Vietnam's insurance industry is growing rapidly, bolstered both by domestic economic growth and by a gradual improvement in terms of the range of products available in the market. The non-life sector is more established, with motor and health and personal accident insurance particularly popular. Life insurance is currently the smaller sector, and demand for long-term savings or retirement products continues to be hampered by low household income levels. Premiums across both life and non-life are expected to increase throughout our forecast period through to 2019. As the investment environment gradually improves, we expect to see more multinationals entering the market who are keen to take advantage of the strong growth potential.

Key Updates And Forecasts
- The larger non-life sector will see the strongest growth throughout our forecast period, with gross nonlife premiums written expected to increase by an average annual rate of over 10% to reach USD2.2bn in 2019, up from USD1.4bn in 2015.

- Although slightly slower, growth will also be strong in the smaller life sector, where premiums are expected to increase by around 8% annually to reach USD1.6bn in 2019, up from USD1.2bn in 2015.

- Health insurance providers may face an increase in claims amid reports that the cost of healthcare services at state-owned hospitals may increase by two to seven times the current costs. Fees are being raised to include the salary of medical personnel.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • AIA Group
  • Bao Viet Holdings
  • Manulife Financial
  • Prudential plc
  • PVI Holdings
  • Sun Life Financial
  • MORE

Table: Headline Insurance Forecasts (Vietnam 2012-2019)

SWOT

Insurance

Industry Forecast

Life Premiums Forecast
Table: Life Premiums (Vietnam 2012-2019)
Table: Life Insurance Claims (Vietnam 2009-2013)

Non-Life Premiums Forecast
Table: Non-Life Premiums (Vietnam 2012-2019)
Table: Non-Life Insurance Claims (Vietnam 2008-2014)

Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums By Product Line (Vietnam 2012-2019)

Insurance Risk/Reward Index

Asia Pacific Industry Risk/Reward Index
Table: Asia Pacific Insurance Risk/Reward Index

Market Overview

Life Market Overview

The Product Offering

The Competitive Landscape
Table: Life Insurance Market (USDmn) 2008-2013

Non-Life Market Overview

The Product Offering

The Competitive Landscape
Table: Non-Life Insurance Market (USDmn) 2008-2013

Company Profile

AIA Group

American International Group (AIG)

Bao Viet Holdings

Manulife Financial

Prudential plc

PVI Holdings

Sun Life Financial

Methodology

Industry Forecast Methodology

Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

Note: Product cover images may vary from those shown
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AIA Group
American International Group (AIG)
Bao Viet Holdings
Manulife Financial
Prudential plc
PVI Holdings
Sun Life Financial

Note: Product cover images may vary from those shown
4 of 4
Note: Product cover images may vary from those shown

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  • Aon Plc.
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  • Prudential Financial, Inc.
  • General Reinsurance Corporation
  • ING Group